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(1)     This paragraph applies if the trustees of a settlement incur an allowable expense (see section 484) in a tax year prior to the tax year 2007–08.

(2)     So far as the trustees have not paid the expense, the expense cannot, under Chapter 4 of Part 9, be set against the trustees' trust rate income for any tax year.

(3)     So far as the expense is paid by the trustees in a tax year (“the relevant tax year”) after the tax year 2006–07, the expense is treated for the purposes of sections 484(1) and 485(1) as if it were incurred in the relevant tax year.

(4)     So far as the expense is paid by the trustees in a tax year prior to the tax year 2007–08, section 485 applies in relation to the expense with the following modifications.

(5)     It applies